Lots of economic numbers this morning, on top of some real problems in Europe.
New stress tests for banks were announced after the close yesterday, so that sector should be under pressure (as it has been for a while) today.
Personal Income for October was up 0.4% (up 0.3% to 0.4% was expected). That’s the good news.
Spending up 0.1% (0.3 expected).
Durable Goode down 0.7%, close to in-line. But September was revised sharply lower. X-Transportation Durables up 0.7%. There are a few more moving parts to the Durables category and also gets revised a lot, but the headline number is not good.
A German auction had bids fail to cover almost 1/3 of the offering, Europe situation looking worse.
VIX was down almost one full point yesterday. The last five trading days for the VIX shows a range between 30.54 to 36.23.
So the day before Thanksgiving, usually a slow day, could get interesting.